Eighteen years on from the global financial crisis of 2008, the rollout of central clearing, margining of non-cleared derivatives trades and higher capital requirements has completely reshaped derivatives trading and risk management. But effective regulation requires regular monitoring to ensure the rules are working as intended, without adverse consequences for financial markets and the broader economy. Sometimes, fine-tuning may be needed to improve the calibration of the rules. This edition of IQ shines a light on several areas of the post-crisis regulatory framework where recalibration is on the cards. The first is the completion of Basel III in key jurisdictions. In the US, regulators published a new proposal on March 19 that makes significant improvements, but some further adjustments may be needed to achieve an appropriate, risk-sensitive capital framework. In the UK, the Basel 3.1 framework was finalised in January for implementation at the start of 2027, but the Prudential Regulation Authority has delayed the internal models approach for market risk by one year to allow more time to get the calibration right. One of the more subtle changes since the financial crisis is that central clearing and margin requirements have drawn securities financing transactions (SFTs) and derivatives markets closer together. In a recent whitepaper, ISDA made a series of recommendations for adjustments to the prudential framework to better reflect the secured, short-dated and collateralised nature of SFT exposures. One area of the post-crisis regulatory framework that has been particularly challenging has been trade reporting, with inaccuracies, duplication and delays in reported data. Recent consultations from EU and UK regulators on ways to simplify, streamline and reduce the burden of reporting could be a positive step forward. As the rules are improved, ISDA’s Digital Regulatory Reporting initiative enables firms to reduce the cost and burden of implementation, while improving the accuracy and consistency of reported data. Click on the attached PDF to read IQ in full. Documents (1)for Measured Adjustments – IQ April 2026 Measured Adjustments - IQ April 2026(pdf)

Nodal Exchange today announced strong performance in power, environmental, and natural gas trading in the first quarter of 2026. Nodal continues to be the market leader in North American power futures achieving 56% of the open interest with 1.5 billion MWh at the end of Q1, representing over $161 billion of notional value (both sides), at the end of March.  This is roughly equivalent to the electricity usage of 140 million U.S. households for one year. The traded volume in March was 253 MWh, up 31% from a year earlier. In its natural gas market, Nodal posted a record Q1 with 320 million MMBtu gas futures volume traded, surpassing Q1 2025’s record of 278 million. Environmental futures and options on Nodal Exchange posted volume of 211,847 lots in Q1 2026 and ended March with open interest of 448,391 lots, up 7% from a year earlier. Carbon futures and options across CCA, RGGI and WCA products posted volume of 63,133 lots in Q1, up 70% from a year earlier and ended March with open interest of 53,018 lots, up 3%. Renewable energy certificate (REC) futures and options ended the month with open interest of 377,482 lots, up 16% from a year earlier. Additionally, Nodal Exchange and IncubEx announced the successful launch and first trade of financially settled California Carbon Allowance (CCA) futures and options contracts on March 30, 2026. “Nodal Exchange is delighted with its strong first quarter results across asset classes and appreciates the ongoing market support of its community,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “Nodal Exchange is grateful to be able to offer the world’s largest sets of power and environmental products and to be able to serve our markets’ risk management needs.”  

The Ontario Securities Commission (OSC) is warning Ontario investors that the following companies are not registered to deal or advise in securities in Ontario: Tarillium IPO Capital Alchemay Altrix-Edge fx-crypto.pro forex5.me XBTDIRECTPRO Harbour Nature Trade Peak Return Global AIGTI.NET (aka GTI and GTI11) Summit Edge Brokers (aka Summit Edge Ventures) Elite Krypto Hub Bitforex Windsor Brokers (BZ) Ltd Belvars Platform Bovei Financial Limited One Touch Investment Nexverges Neural Meta Media Ltd. Three Red Group (aka 3 Red Groups) Silver Bridge Wealth Club Carlisle Cap X (aka Carlisle Capital) Coin Gold Rush Macro Venture Group (aka Metro Venture Group) AI4SOL Instaxchange Hylink Quantum Carrendor Group PU Prime Elon Musk AI Trading Quantum AI Canada (aka Quantum AI Q) Capstone Ltd. JDNX (aka JD Trader) Spay SP PTE CryptoXTrades Sure Trade Global Northern Markets Metamax Phyx Trade Ltd. Karbonate Minerals Corp. Twentyonevc (aka SP Jexoro) Calvenridge Trust At the OSC, we issue investor warnings and alerts about possible harmful or illegal activity in progress, and maintain a warning list of companies or individuals performing activities that may pose a risk to investors. A full list of OSC investor warnings and alerts is available on the OSC’s website. Investors can sign up for email notifications when new warnings and alerts are issued and can follow the OSC’s X feed at @OSC_News. Ontarians who have been approached by any of the individuals or firms listed above, or any other unregistered company or individual, are advised to contact the OSC Contact Centre at 1-877-785-1555 or via email at inquiries@osc.gov.on.ca. Always check the registration of any person or business trying to sell you an investment or give you investment advice. This can be done by visiting the Check Before You Invest or the Crypto businesses pages on the OSC website. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The Canadian Investment Regulatory Organization (CIRO) released its Annual Priorities for fiscal year 2027 (April 1, 2026, to March 31, 2027), outlining a focused set of actions to strengthen investor protection, enhance market integrity and support confidence in Canada’s capital markets. Fiscal year 2027 marks the final year of CIRO’s 2025–2027 Strategic Plan. CIRO’s Annual Priorities give members, investors, and industry stakeholders clear, actionable themes and initiatives that strengthen transparency, provide regulatory direction, and support accountability. Consistent with prior years, the Annual Priorities were developed with the following principles in mind: Ability to deliver on the strategic objectives set out in our three-year Strategic Plan; Consideration for changes that may require us to pivot and respond as the industry changes, and; Impacts to members, investors, and other stakeholders, including the time and cost that may be involved for them to respond to CIRO initiatives. “CIRO’s 2027 Annual Priorities demonstrate how we continue to deliver on our strategic priorities while demonstrating how we are forward-looking and responsive to a rapidly changing environment,” said Alexandra Williams, Senior Vice-President, Strategy, Innovation, and Stakeholder Protection at CIRO. “As the regulatory environment continues to evolve, CIRO will remain agile and responsive to emerging risks and changing market conditions. We are focused on delivering value in areas that matter to stakeholders, including strengthening cyber resilience and ensuring investors are protected.” 2027 Annual Priorities Highlights CIRO will continue advancing initiatives across its six strategic objectives identified in the Strategic Plan, with a focus on delivering tangible outcomes for investors and the industry. Integration - CIRO will wrap up key integration initiatives to reduce regulatory complexity and improve efficiency, including publishing a final harmonized rulebook consolidating investment dealer and mutual fund dealer rules and advancing reforms to registration and continuing education frameworks. Investor Research, Education and Protection - CIRO will also take important steps to advance investor protection initiatives, including efforts to remove fraudulent websites, improve account transfer processes and deepen research into investor behaviours. As part of this work, CIRO will review the complaint handling resolution timelines. This work builds on recent and ongoing initiatives to strengthen the overall complaint handling framework. CIRO has proposed a harmonized complaint reporting and handling rule, issued for comment as the latest phase of its Rule Consolidation Project, with the goal of creating more consistency and clarity across the industry. Regulatory Evolution - CIRO will continue to modernize its regulatory approach by enhancing operational efficiency through technology and automation, expanding its regulatory sandbox, InnovateSafe, and strengthening cyber resilience across the industry through new data frameworks and targeted exercises. Cyber resilience will remain a priority area given its vital role in investor protection and maintaining confidence in the financial system. Access to Advice – Access to advice remains a top priority, with a focus on assessing and refining the regulatory framework for tailored online advice, to better support the evolving needs of Canadian investors. Registration and Proficiency - CIRO will also modernize its registration framework by operationalizing delegated registration responsibilities across Canada, improving efficiency and consistency in how registrants are overseen. Market Regulation - CIRO will enhance transparency and effectiveness in market oversight by publishing its first annual Market Regulation report and reviewing Universal Market Integrity Rules (UMIR) to better support smaller dealers and junior issuers. For more information, read the full 2027 Annual Priorities.

TMX Group Limited today announced March 2026 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX). Related Document:TMX Group Consolidated Trading Statistics – March 2026

A growing number of Britons are trading financial markets independently, creating demand for structured training and insight as retail participation in investing continues to rise. Recent industry data shows that more than 2.7 million UK adults now use online platforms to invest or trade financial assets, while roughly 23% of adults have invested in stocks outside their pension. At the same time, an estimated hundreds of thousands of retail traders actively participate in leveraged markets such as forex and derivatives, often alongside full-time jobs rather than as professional investors. However, market commentators such as the FCA have increasingly raised concerns about the lack of formal education among retail traders, many of whom rely on fragmented online sources or social media for information about markets. Against this backdrop, AIFO, a global prop-trading and trading education platform, has launched in the UK with the aim of supporting independent traders through structured training and market insight. The platform combines access to trading capital with an education programme delivered through its AIFO Academy, which covers areas such as trading strategy, market analysis and risk management. AIFO says the platform has been designed to address the gap between the growing accessibility of financial markets and the limited availability of structured learning resources for individual traders. “Retail participation in financial markets has increased dramatically over the past decade, but the educational infrastructure supporting it has not developed at the same pace,” said Jun Yu, CEO & Founder at AIFO. “Many individuals approach trading as a side activity or personal interest, but the markets require discipline, knowledge and structured learning. The aim of the platform is to provide a framework that helps traders develop those skills.” Users on the platform undertake structured trading challenges designed to demonstrate their trading ability while adhering to predefined risk parameters. Those who successfully complete these challenges can then access additional trading capital. Alongside this model, the company has placed particular emphasis on its education offering, which is intended to support traders ranging from beginners exploring financial markets for the first time to more experienced participants seeking to refine their strategy. The launch comes amid broader growth in retail market participation, particularly among younger investors. Surveys in recent years have shown that younger adults are significantly more likely than previous generations to experiment with trading stocks, cryptocurrencies and other financial instruments using digital platforms. At the same time, regulators have repeatedly highlighted the risks associated with speculative trading activity where individuals lack an understanding of market mechanics, leverage and risk management. AIFO says its approach aims to address these concerns by emphasising structured learning, transparency and disciplined participation in financial markets. Following its UK launch, the company plans to expand its education resources and community features as it continues to develop the platform.

Farmer sentiment improved in March as the Purdue University/CME Group Ag Economy Barometer rose to 127, up from 116 in February. The improvement was driven by a notable increase in producers' expectations for the future, with the Future Expectations Index climbing 14 points and the Current Conditions Index rising 6 points. Despite the improvement, producers' outlooks remain more cautious than a year ago, with the Future Expectations Index still below the March 2025 levels. The survey was conducted March 16-20.  Producers reported mixed financial conditions in March, with 18% indicating their operations were better off than a year ago. Expectations for the year ahead continue to be cautiously optimistic, with 20% of respondents anticipating improved financial performance, compared with 18% expecting worse financial performance over the next 12 months. The Farm Capital Investment Index edged up 3 points to 53, but plans to expand machinery purchases remain limited, with only 4% of producers planning increases. "While producers are feeling more optimistic about the future, there's still a noticeable gap between short-term challenges and long-term confidence," said Michael Langemeier, the barometer's principal investigator and director of Purdue's Center for Commercial Agriculture. "Longer-term optimism is supported by stronger expectations for farmland values and the broader economy, though livestock producers remain notably more optimistic than crop producers." This month's survey also examined producer expectations for inflation and interest rates. Approximately 39% of respondents stated that they expect inflation for consumers to exceed 3%. When asked whether the U.S. prime interest rate would be lower, about the same or higher 12 months from now, 34% of producers anticipate lower interest rates, while 16% said they expect rates to be higher. The March survey also included questions about leasing farmland for solar energy production. Twelve percent of producers reported discussing a solar lease within the past six months. Reported lease rates varied widely, with roughly 21% exceeding $1,500 per acre. More than half of respondents (56%) said contract offers included an escalator clause, most commonly in the 2% to 3% annual range. Overall, 5% of respondents indicated that they or one of their landowners had signed a solar lease. Farmland value expectations strengthened in March, with the Short-Term Farmland Value Expectations Index rising from 123 to 125 and the long-term index increasing from 150 to 159. Producers pointed to alternative investments, net farm income and interest rates as the primary factors influencing farmland values. Optimism about the direction of the U.S. economy improved in March, with 65% of producers indicating the country is headed in the "right direction," compared to 59% in February. About the Purdue University Center for Commercial Agriculture The Center for Commercial Agriculture was founded in 2011 to provide professional development and educational programs for farmers. Housed within Purdue University's Department of Agricultural Economics, the center's faculty and staff develop and execute research and educational programs that address the different needs of managing in today's business environment.

TMX Group Limited will announce its financial results for the first quarter ended March 31, 2026 in the evening of Monday, May 4, 2026. An analyst conference call to review the results will be held at 8:00 a.m. EDT on Tuesday, May 5, 2026. TMX Group's Annual and Special Meeting of shareholders will be held in person at the TMX Market Centre, 120 Adelaide Street West, Toronto, Ontario, and via live audio webcast at 2:00 p.m. EDT on Tuesday, May 5, 2026. Registered shareholders and duly appointed proxy holders will be permitted to attend the meeting in person or virtually, ask questions and vote, all in real time, provided those attending virtually have logged in to the link below. Please see page 2 of the management information circular for complete details on how to participate in the meeting.   Schedule of Events for May 5, 2026: Analyst Call:  8:00 a.m. EDTParticipants may access the conference call via the webcast link. The audio webcast of the conference call will also be available and archived in TMX's shareholder events section.  Annual and Special Meeting:  2:00 p.m. EDTTMX Market Centre120 Adelaide Street West, Toronto, OntarioAnd via live webcast link A live audio webcast of the meeting will be available and archived in TMX's shareholder events section.

CME Group, the world's leading derivatives marketplace, today announced plans to expand its leading suite of regulated Cryptocurrency derivatives with the launch of Avalanche (AVAX) and Sui (SUI) futures on May 4, pending regulatory review. Market participants will have the choice to trade both micro-sized and larger-sized contracts: AVAX futures (5,000 AVAX) and Micro AVAX futures (500 AVAX) SUI futures (50,000 SUI) and Micro SUI futures (5,000 SUI) "Our new micro- and larger-sized Avalanche and Sui futures will provide clients with greater choice, enhanced flexibility and more capital efficiencies across our deeply liquid, regulated Crypto derivatives complex," said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products. "We continue to see strong volumes as market participants turn to our markets to manage risk and pursue opportunities, with March average daily volume up 19% year-over-year and nearly $8 billion in average notional value traded daily."  "CME Group's continued expansion of its Cryptocurrency derivatives suite reflects the growing demand for regulated, institutionally-sound products in this asset class." said Justin Young, CEO and Co-founder of Volatility Shares. "As one of the world's largest traders of crypto futures, Volatility Shares has long believed that a deeper, more accessible marketplace benefits all participants – from institutional hedgers to individual investors. We are proud to support this next chapter of market evolution." ''With sustained and increasing interest in digital assets, we welcome the continued rollout of additional derivatives tailored to high-growth crypto assets," said Isaac Cahana, CEO of Plus500US. "These new contracts further broaden access for our global customers, allowing them to participate in evolving markets with greater flexibility and improved capital efficiency'' Avalanche and Sui futures will join the company's rapidly expanding Cryptocurrency derivatives offerings, including recently launched Cardano, Chainlink and Stellar futures contracts. Additionally, beginning May 29, CME Group Cryptocurrency futures and options will be available for trading 24 hours a day, seven days a week.

CCP Global has submitted a response to the proposed EU Settlement Finality Regulation. To read the response, please follow this link. 

March 2026 ADV up 41.8% YoY First Quarter 2026 ADV up 31.4% YoY Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported record total trading volume for the month of March 2026 of $87.0 trillion (tn). Average daily volume ("ADV") for the month was a record $3.8tn, an increase of 41.8 percent (%) year-over-year ("YoY"). For the first quarter of 2026, total trading volume was a record $214.3tn and ADV was a record $3.3tn, an increase of 31.4% YoY, with preliminary average variable fees per million dollars of volume traded of $2.21[1] and total preliminary fixed fees for rates, credit, equities and money markets of $97.0 million (mm).[1] Tradeweb CEO Billy Hult said: “Tradeweb delivered a record month and quarter, driven by heightened volatility and particularly strong momentum in credit and rates, alongside robust client engagement in equities and money markets. Our average daily volume in March 2026 more than doubled compared to two years earlier, increasing from $1.8 trillion in March 2024 to $3.8 trillion this year, with broad-based growth across asset classes. We are seeing clearly that when volatility rises, most clients are not stepping back from electronic execution – they are leaning in, staying automated and relying on the efficiency, transparency and resiliency of our network. Automation is playing an increasingly important role in this expansion, with adoption of Tradeweb AiEX continuing to accelerate as clients embed automated execution tools more deeply into their trading workflows. Against a challenging year-over-year comparison, our performance underscores the strength of our global platform, our diverse product mix and the long-term trajectory toward greater electronification across markets.” Record Highlights: For March of 2026, Tradeweb records included: ADV in U.S. government bonds ADV in European government bonds ADV in mortgages ADV in swaps/swaptions ≥ 1-year ADV in swaps/swaptions < 1-year ADV in fully electronic U.S. high grade credit ADV in credit derivatives ADV in U.S. ETFs ADV in international ETFs For the first quarter of 2026, Tradeweb records included: ADV in U.S. government bonds ADV in European government bonds ADV in mortgages ADV in swaps/swaptions ≥ 1-year ADV in swaps/swaptions < 1-year ADV in futures ADV in fully electronic U.S. high grade credit ADV in U.S. high grade - electronically processed ADV in fully electronic U.S. high yield credit ADV in European credit ADV in credit derivatives ADV in U.S. ETFs ADV in international ETFs ADV in repurchase agreements ADV in other money markets March 2026 Highlights RATES    U.S. government bond ADV was up 24.4% YoY to $310.1 billion (bn). European government bond ADV was up 27.4% YoY to $80.8bn. Record U.S. government bond ADV was driven by record institutional activity and strong wholesale activity. Similarly, European government bond ADV was driven by record volumes in our institutional client channel. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols. Mortgage ADV was up 34.3% YoY to $315.8bn. Record To-Be-Announced ("TBA") activity was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility. Tradeweb’s specified pool platform saw strong trading activity YoY, posting its second-highest monthly volume on record, reflecting continued growth in client adoption. Swaps/swaptions ≥ 1-year ADV was up 60.4% YoY to $949.8bn and total rates derivatives ADV was up 80.1% YoY to $1.8tn. Record swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by overall inflationary and central bank policy concerns, due to global market sensitivity to geopolitical developments. This was supported by a 52% YoY increase in compression activity, which carries a relatively lower fee per million ("FPM"). 1Q26 compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 4Q25. CREDIT  Fully electronic U.S. credit ADV was up 12.3% YoY to $10.7bn and European credit ADV was up 3.2% YoY to $3.2bn. U.S. credit volumes were driven by record ADV in fully electronic U.S. high grade credit, as well as increased client adoption of Tradeweb protocols, most notably in Request-for-Quote ("RFQ"), Portfolio Trading ("PT"), and Tradeweb AllTrade®. Tradeweb captured 17.6% share of fully electronic U.S. high grade TRACE and 8.3% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 24.4% total share of U.S. high grade TRACE and 10.3% total share of U.S. high yield TRACE. Strong European credit volumes were driven by growth in Portfolio Trading and increased adoption of our Automated Intelligent Execution ("AiEX") tool. Global cash credit PT ADV increased by 18.1% YoY, with non-comp PT[2] ADV up 17.5% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall. Municipal bonds ADV was down 1.0% YoY to $421mm. Municipal bonds outperformed the broader market which was down 5%[3] Credit derivatives ADV was up 57.2% YoY to $96.2bn. Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity.  EQUITIES    U.S. ETF ADV was up 36.8% YoY to $13.8bn and International ETF ADV was up 48.5% YoY to $6.1bn. Record global ETF volumes were driven by robust activity in our institutional and wholesale channels as the client base widened and clients' adoption of our automated trading functionality continued to grow. MONEY MARKETS    Repo ADV was up 15.9% YoY to $859.1bn. Global repo ADV was supported by increased client participation across the platform YoY. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility ("RRP") remained close to zero for a majority of the month, with a small spike at month end. In Europe, with geopolitical tensions intensifying, we saw increased volatility and higher demand for short-term funding, which led to strong activity. Other Money Markets ADV was up 0.3% YoY to $297.2bn. Other money markets ADV was driven by ICD Portal activity from existing clients and new client additions. This was partially offset by activity moving from commercial paper and discount notes into repo and T-bills YoY. Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.

Confluence Technologies, Inc. (“Confluence”), a leading global technology solutions provider delivering innovative investment data management automation, and ACA Group (“ACA”), the leading governance, risk, and compliance advisor in financial services, today announced a partnership to deliver automated standard feeds from Confluence’s Revolution Composites platform built specifically to ACA’s verification requirements. The collaboration creates a streamlined workflow for mutual clients, enabling them to leverage the data held within the Revolution Composites platform to meet ACA’s Global Investment Performance Standards (GIPS) verification requirements. With the push of a button, clients can extract and deliver the required data, in the exact format specified by ACA. This eliminates the need for manual data mining and reformatting, reduces the risk of errors, and significantly shortens the overall time to verification. “This partnership reduces friction in the verification process so our clients can focus on results,” said Kathleen Keenan, Chief Product Office at Confluence. “By standardizing the data output from our Revolution Composites platform to meet ACA’s specifications, we are removing the manual back-and-forth that often delays verification. Clients can now trust that the data they provide accurately reflects the output from Revolution, is formatted correctly, and ready for immediate analysis.” The new standard ACA verification reports in Revolution Composites address a critical industry need for efficiency in marketing performance results. By replacing manual processes with an automated, low-touch workflow, the solution reduces the time and costs associated with the verification process – a key building block for firms looking to publish and market their performance results faster and with greater confidence. “We are excited to partner with Confluence to bring this level of automation to our mutual clients,” said Chase Frei, Head of Performance at ACA Group. “The standard ACA verifier reports eliminate the traditional administrative burden of requesting and formatting data. This integration allows us to streamline the verification process, ultimately helping asset managers demonstrate their performance and compliance more effectively to the market.” The integrated solution enables clients to: Generate standard ACA verification exports directly from the Revolution Composites platform with a few clicks. Automate data mining to reduce the risk of formatting errors during the verification process. Accelerate the GIPS verification timeline by providing data in the exact format ACA requires. Reduce operational costs and administrative burden associated with performance reporting and compliance.

Broadridge Financial Solutions Inc. (NYSE: BR) today announced the extension of its governance platform to support digital assets. This new capability enables public companies and funds, broker-dealers and wealth managers, and retail and institutional investors to manage proxy voting, corporate actions, and disclosures across both traditional and tokenized securities within their existing platforms and workflows. This new tokenized equity capability complements Broadridge’s market-leading tokenization capabilities, which already process $8 trillion in tokenized assets per month. As tokenization gains momentum across financial services, Broadridge is delivering the critical governance infrastructure necessary to support digital asset adoption and growth at scale.   Galaxy (NASDAQ: GLXY), the first U.S. public company to issue native tokenized equity on a major public blockchain, will utilize Broadridge’s platform for its upcoming annual meeting and shareholder vote in May, marking a significant step in the adoption of digital assets within public markets.   “We’ve long believed that tokenization will reshape capital markets, and this is a meaningful step towards a tokenized equity market,” said Mike Novogratz, Founder and CEO of Galaxy. “Proxy voting is a core feature of equity ownership and bringing proxy voting on-chain for a public company is not theoretical anymore. With Broadridge, we’re combining the credibility of traditional market infrastructure with the advantages of blockchain to deliver a more efficient model for shareholders.”   “Ensuring accurate, scalable, and cost-effective governance has never been more critical to supporting the growth of tokenized equities,” said Tim Gokey, CEO of Broadridge. “Today’s announcement highlights Broadridge’s unmatched ability to support market leaders like Galaxy with innovative solutions that support their tokenization roadmap. It also marks another step towards our goal of extending our leading tokenization capabilities with a suite of solutions across investor communications, proxy voting and trading.”   The platform introduces corporate actions for tokenized assets, starting with proxy voting, which will be recorded on Broadridge’s Avalanche based L1 and then distributed across multiple blockchains. Integrating Broadridge’s ProxyVote platform into digital wallets, investors can receive materials, confirm their holdings and submit votes, all with a transparent and verifiable record.   To simplify the annual meeting process for public companies issuing tokenized shares alongside traditional shares, Broadridge’s solution consolidates voting across registered, beneficial, and tokenized holdings into a single view for issuers. This “single pane of glass” approach removes fragmentation and enables consistent oversight of governance activity regardless of how assets are held. The platform is designed to support all forms of tokenization, including both issued-sponsored tokenized securities and third party-sponsored tokenized securities, ensuring compatibility with evolving market models.    Today’s announcement underscores Broadridge’s commitment to accelerating the adoption of digital assets across the financial services landscape. Building on its industry-leading role in tokenizing US$8 Trillion in assets per month, Broadridge also enables on-chain proxy voting and governance, digital asset post-trade infrastructure, and the scaling of digital asset capabilities across multiple asset classes. Through these innovations, Broadridge is helping traditional financial institutions unlock the next era of digital asset investing. 

Overview In Q1 2026, LME average daily volume (ADV) was up 25.7% on Q1 2025. Q1 2026 was the LME’s highest ever quarter, up 13.0% on Q4 2025 which was the previous quarterly record. January and March saw the two highest ever monthly volumes for the LME. Over the quarter, the LME has seen three of its top five most busy days in terms of volume. LME Aluminium, LME Copper, LME Nickel and LME Lead all saw new quarterly highs, with year-on-year increases ranging from 14.4% to 40.3%. Options also saw a significant increase in volumes with a new quarterly high, and up by 138.9% from Q1 2025. Futures MOI is up 2.6% year-on-year, while options and TAPOs open interest has increased 52.5% from the end of March 25, exceeding 900,000 lots during the quarter for the first time since 2009. Matthew Chamberlain, LME CEO, said: “As the figures show, this has been another record quarter for the LME, with new highs for overall ADV, and for many of our core metals. The LME market has again demonstrated itself to be an essential tool for managing the geopolitical uncertainty that continues to affect our sector.” “Strong volumes reflect market conditions, but they also mark the beginning of a new phase of growth driven by our electronic market enhancements. The strength of our options volumes, in particular, indicates growing anticipation ahead of the launch of options auto-expiry in September and subsequent go-live of electronic options. As our market enhancements gather momentum they will support deeper liquidity, a better trading experience and a richer marketplace for all.” Quarterly volumes   ADV Q1 2026 (lots) ADV Q1 2025 (lots) % Total 877,942 698,209 25.7 Aluminium 349,211 263,040 32.8 Copper 213,808 165,976 28.8 Zinc 110,332 106,654 3.4 Nickel 109,543 78,081 40.3 Lead 82,443 72,080 14.4 Tin 8,749 7,306 19.7 Other quarterly data highlights Options volumes grew significantly, reaching an ADV of 66,611 lots, up by 138.9 % on Q1 2025 and by 57.0% on Q4 2025 which was the previous high. January, February and March all saw ADVs higher than 60,000 lots. Market open interest: futures MOI was up 2.6% year-on-year, while options and TAPOs open interest increased 52.5%. Electronic volumes: January and March saw the two highest ever monthly overall volumes on LMEselect, while March saw the highest ever third Wednesday (3W) volumes on LMEselect, up by 108.3% on March 2025. LME Aluminium saw its highest ever quarter, up 18.4% on the previous high in Q2 2014. LME Copper reached its highest ever quarter, up 6.9% on the previous high in Q2 2013. LME Nickel saw its highest ever quarter, up 9.0% on the previous high in Q3 2019. LME Lead set a new quarterly high, up 8.3% on Q4 2025 which was the previous high. LME Tin saw its highest quarter since 2014.   NB: Data excludes UNA trades.  

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity derivatives, today reported March trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the first quarter of 2026. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain March trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Average Daily Trading Volume (ADV) by Month Year-To-Date Mar 2026 Mar 2025 % Chg Feb2026 %  Chg Mar 2026 Mar 2025 %  Chg Multi-listed options (contracts, k) 14,203 13,529 5.0 % 13,476 5.4 % 13,940 13,412 3.9 % Index options (contracts, k) 6,876 5,270 30.5 % 5,973 15.1 % 6,136 4,771 28.6 % Futures (contracts, k)1 338 285 18.4 % 276 22.1 % 283 249 13.6 % U.S. Equities - On-Exchange (matched shares, mn) 2,048 1,617 26.6 % 1,961 4.4 % 1,963 1,642 19.6 % U.S. Equities - Off-Exchange (matched shares, mn) 240 92 161.8 % 268 -10.3 % 249 91 175.1 % Canadian Equities (matched shares, k) 203,135 153,961 31.9 % 204,403 -0.6 % 215,759 159,593 35.2 % European Equities (€, mn) 18,629 16,422 13.4 % 17,963 3.7 % 17,281 13,818 25.1 % Australian Equities (AUD, mn) 1,261 900 40.1 % 1,228 2.6 % 1,200 820 46.3 % Global FX ($, mn) 79,865 54,784 45.8 % 63,372 26.0 % 70,418 51,926 35.6 % Cboe Clear Europe Cleared Trades (k) 169,513 157,411 7.7 % 141,642 19.7 % 434,717 412,072 5.5 % Cboe Clear Europe Net Settlements (k) 1,431 1,130 26.7 % 1,266 13.1 % 3,931 3,201 22.8 % 1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products. March and First Quarter 2026 Trading Volume Highlights   U.S. Options Cboe's proprietary index options reported several monthly and quarterly ADV records, including: Overall proprietary index options quarterly ADV record of 6.1 million contracts. Overall proprietary index options monthly ADV record of 6.9 million contracts. Quarterly S&P 500 Index (SPX) options ADV record of 4.9 million contracts. Monthly S&P 500 Index (SPX) options ADV record of 5.4 million contracts. Quarterly SPX zero-days-to-expiry (0DTE) ADV record of 3.0 million contracts. Monthly SPX 0DTE ADV record of 3.2 million contracts. Quarterly mini-SPX (XSP) options ADV record of 187 thousand contracts. Monthly XSP options ADV record of 222 thousand contracts. Quarterly and monthly ADV records during Cboe's Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET), with a first quarter ADV of 164 thousand contracts and a March ADV of 195 thousand contracts.     Cboe Volatility Index (VIX) options recorded its second-best quarter, with a quarterly ADV of 994 thousand contracts. Multi-listed options trading across Cboe's four U.S. options exchanges delivered its second-best quarter on record, with a quarterly ADV of 13.9 million contracts. Trading on Cboe's trading floor reached record levels in March, with record overall open outcry monthly ADV of 2.2 million and record SPX open outcry monthly ADV of 937 thousand contracts. Cboe's trading floor also achieved record multi-listed options trading activity in the first quarter, with a quarterly ADV of 806 thousand multi-listed contracts. European Equities Cboe Europe set a record quarterly average daily notional value (ADNV) of €17.3 billion, as well as a new monthly ADNV record of €18.6 billion in March. Cboe Periodic Auctions achieved several records including quarterly ADNV (€6.0 billion), monthly ADNV (€6.4 billion), and a single-day record on March 3 (€9.2 billion). Cboe Closing Cross (3C), Cboe Europe's post-close trading service, achieved a record quarterly ADNV of €379.8 million, including a monthly ADNV record in March of €512 million and single-day record of €2.9 billion on March 20. Global FX In March, Cboe FX Spot ADNV reached $74.5 billion, an all-time high, and a 42.9% increase versus March 2025. Cboe FX and Cboe SEF (Swap Execution Facility) observed single day records in March, with Cboe FX reaching $109.1 billion on March 3, and Cboe SEF reporting $6.7 billion on March 6. Cboe SEF March ADV topped $5.4 billion, its highest ADV on record, and a 101.9% increase versus March 2025. First-Quarter 2026 RPC/Net Revenue Capture Guidance The projected RPC/net capture metrics for the first quarter of 2026 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2026, will not differ materially from these projections. (In USD unless stated otherwise)  Three-Months Ended   Product 1QProjection Feb-26 Jan-26 Dec-25 Multi-Listed Options (per contract) $0.079 $0.078 $0.075 $0.075 Index Options $0.940 $0.945 $0.940 $0.938 Total Options $0.342 $0.335 $0.326 $0.317 Futures (per contract) $1.649 $1.682 $1.712 $1.719 U.S. Equities - Exchange (per 100 touched shares) $0.017 $0.017 $0.017 $0.018 U.S. Equities - Off-Exchange (per 100 touched shares) $0.063 $0.067 $0.065 $0.064 Canadian Equities (per 10,000 touched shares) CAD 4.367 CAD 4.071 CAD 3.973 CAD 3.962 European Equities (per matched notional value) 0.276 0.278 0.276 0.278 Australian Equities (per matched notional value) 0.207 0.208 0.208 0.207 Global FX (per one million dollars traded) $2.866 $2.941 $2.953 $2.945 Cboe Clear Europe Fee per Trade Cleared € 0.009 € 0.010 € 0.010 € 0.010 Cboe Clear Europe Net Fee per Settlement € 1.061 € 1.100 € 1.103 € 1.113 The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type. For Options and Futures, the average RPC represents total net transaction fees recognized for the period divided by total contracts traded during the period for options exchanges: BZX Options, Cboe Options, C2 Options and EDGX Options; futures include contracts traded on Cboe Futures Exchange, LLC (CFE). For U.S. Equities, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days for the period. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less OMS/EMS costs and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period. For Canadian Equities, "net capture per 10,000 touched shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days for the period and includes revenue. For European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in British pounds divided by the product of ADNV in British pounds of shares matched on Cboe Europe Equities and the number of trading days. For Australian Equities, "net capture per matched notional value" refers to transaction fees less trading fee relief in Australian Dollars divided by the product of ADNV in Australian Dollars of shares matched on Cboe Australia and the number of trading days. For Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. For Cboe Clear Europe, "Fee per Trade Cleared" refers to clearing fees divided by number of non-interoperable trades cleared and "Net Fee per Settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) has implemented the reclassification of equities investor trading data effective today, aimed at providing clearer visibility of investor participation and fund flows across retail, institutional and domestic segments. The reclassification enhances the granularity of investor participation and fund flow statistics by refining how trade-level activity is classified and attributed across investor segments. This marks the first update of investor segmentation since the statistics were introduced in 2008. The reclassification introduces the following changes. Segmentation of nominee accounts: Nominee trades are now categorised as either retail or institutional at the trade level, based on information of the endbeneficiary owner provided by Participating Organisations. Previously, all nominee trades were classified as institutional investors. Better reflection of domestic investment activity: Foreign-owned institutions incorporated in Malaysia are classified based on the source of investment funds at the trade-level, guided by the place of incorporation. This aligns better with shareholding data, which is recorded at settlement date (T+2). Previously all trades by foreign-owned institutions regardless of place of incorporation were classified as foreign. The exercise only applies to the reporting of trade-level investor participation data and does not alter data on total daily trading value. There is also no impact on shareholding data. The reclassification, previously announced on 24 February 2026, is timely considering the increased use of nominee structures in recent years — particularly in line with the growth in digital brokerage platforms — as well as advancements in reporting capability that allow more granular trade-level classification to be applied consistently. Bursa Malaysia will continue to engage with stakeholders to support understanding of the reclassified data and better interpretation of market activity. For further information on the reclassification, readers may refer to the Frequently Asked Questions available on Bursa Malaysia’s website at LINK.

H.E. Waleed Saeed Al Awadhi, Chief Executive Officer of the UAE Capital Market Authority (CMA), has been reappointed as Chair of the Africa and Middle East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) for the 2026–2028 term. AMERC, which H.E. Al Awadhi currently chairs, brings together 41 regulatory authorities (29 voting members and 12 associate non-voting members) across Africa and the Middle East and serves as a vital platform for regional collaboration. The uncontested and unanimous nature of this reappointment reflects the high level of international trust placed in both the individual and the country, as well as recognition of the UAE’s consistent commitment to building and advancing transparent, resilient, and forward-looking financial markets. To date, under H.E. Al Awadhi’s leadership, the Committee has advanced key priorities including strengthening supervisory and enforcement frameworks and enhancing cross-border regulatory cooperation. The renewed mandate comes at a time of heightened regional and global uncertainty, reinforcing the confidence of international regulators in the UAE’s ability to provide continuity and leadership. It positions the UAE as a trusted anchor for regulatory cooperation and capital market development, and as an active contributor to shaping the future of global financial regulation. H.E. Al Awadhi’s reappointment reflects his active role within IOSCO and AMERC and his leadership in positioning the UAE as a globally recognized financial hub. As Chair, he will continue to represent AMERC on the IOSCO Board, ensuring that the perspectives of Africa and the Middle East are actively represented in shaping global regulatory standards and policy direction. IOSCO, established in 1983, is the global standard setter for securities regulation, with more than 200 members overseeing over 95% of the world’s financial markets. Within this framework, the leadership of AMERC carries significant strategic importance in advancing IOSCO’s mission of investor protection, market integrity, and financial stability. Commenting on the announcement, H.E. Mohamed Al Shorafa, Chairman of the CMA Board of Directors, said: “The uncontested reappointment of Waleed Al Awadhi as Chair of AMERC reflects the confidence of regional and international regulators in his leadership and in the UAE’s regulatory framework. It comes at a time when the region is facing heightened tensions and direct challenges, yet the UAE continues to demonstrate resilience, continuity, and the ability to uphold stable and well-functioning capital markets. This mandate reflects the trust placed in the UAE to play a leading role in strengthening coordination and maintaining market confidence across the Middle East and Africa.” Looking ahead, amid evolving geopolitical and market dynamics, AMERC will drive new initiatives to reinvigorate capital markets and respond to emerging risks, while advancing innovation across areas such as digital assets and evolving market structures. The Committee will also play a leading role in advancing market development across emerging economies, shaping investor education efforts, and introducing forward-looking approaches to sustainable finance and capacity building across member jurisdictions.

Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released its April 2026 Mortgage Monitor report, which finds that the spring housing market began on stronger footing, buoyed by improved affordability and slowly rebuilding inventory, despite the recent uptick in interest rates. “Mortgage rates bottomed near 5.95% early this year, pushing affordability to its best levels in four years and helping drive two of the firmest monthly home price gains we’ve seen in over a year,” said Andy Walden, head of mortgage and housing market research at ICE. “Since then, 30‑year rates have risen roughly 40 basis points, pulling about four percent of buying power back out of the market and reshaping conditions from those early‑year peaks. Even so, 99 out of 100 major markets still saw improved affordability from a year ago, and inventory continues to rebuild. That combination is helping this spring market feel better supplied and more balanced than in recent years, even as rate volatility reasserts itself.” Key findings from the April Mortgage Monitor include: Home price growth remains modest, but early spring brought the firmest monthly gains in nearly a year Annual home price growth was 0.4% in March, while February and March saw the strongest seasonally adjusted monthly gains in nearly 12 months. The firming was driven in part by lower rates and better affordability earlier in 2026, though performance continues to vary widely by region, with the Midwest and Northeast showing the most strength and many Western markets continuing to soften. Affordability remains improved year over year, even after the recent rate rebound The roughly 40-basis-point rise since late February has reduced buying power by about 4% from early-2026 peaks. Even so, March affordability was the best for that month in four years, and 99 of the 100 largest U.S. markets were more affordable than a year earlier. Inventory is recovering but remains below pre-pandemic norms Housing inventory rose 8% year over year in March, yet active listings remain 11% below typical 2017–2019 levels. Forty percent of markets are at or above pre-pandemic supply, with the strongest gains in the Mountain West and parts of the South; deep deficits persist across much of the Northeast. The rate rebound has sharply reduced refinance incentives Higher rates have cut the number of borrowers considered “in the money” for a refinance by roughly 60% from recent highs. ICE prepayment data also suggests the lock-in effect is more likely to ease gradually than unwind at any single rate threshold, as many homeowners — especially Baby Boomers — remain reluctant to move. “Housing market conditions this spring point to a market that is gradually normalizing, but not evenly,” said Bob Hart, president of ICE Mortgage Technology. “Inventory is improving and affordability remains better than it was a year ago, but conditions still vary widely by geography, price point and borrower profile. That makes timely market intelligence and connected workflows especially important for lenders and servicers navigating a more segmented market.” About the ICE Mortgage Monitor ICE manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market. The ICE Home Price Index provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties. ICE’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor report. To review the full report, visit: https://mortgagetech.ice.com/resources/data-reports.

Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported March 2026 trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX Futures™. March 2026 Highlights MIAX Exchange Group set a year-to-date (YTD) market share record of 17.3% through March 2026, compared to 16.0% in the prior-year period MIAX Exchange Group reached a YTD average daily volume (ADV) record of 10.9 million contracts through March 2026, a 26.6% increase from the same period in 2025 Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates, are available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports. Average Daily Trading Volume (ADV) (1) Year-to-Date Comparison Mar-26 Mar-25 % Chg Feb-26 % Chg Mar-26 Mar-25 % Chg U.S. Multi-list Options Trading Days 22 21 19 61 60 U.S. Equity Options Industry ADV (000's) 61,770 53,182 16.1 % 63,264 -2.4 % 62,647 53,604 16.9 % MIAX Exchange Group Options ADV (000's) 10,696 8,268 29.4 % 10,812 -1.1 % 10,865 8,582 26.6 % MIAX Exchange Group Options Market Share 17.3 % 15.5 % 11.4 % 17.1 % 1.3 % 17.3 % 16.0 % 8.3 % U.S. Equities U.S. Equities Industry ADV (Millions) 20,471 16,008 27.9 % 18,963 8.0 % 19,662 15,695 25.3 % MIAX Pearl ADV (Millions) 194 163 18.7 % 174 11.5 % 177 176 0.5 % MIAX Pearl Market Share 0.9 % 1.0 % -7.2 % 0.9 % 3.3 % 0.9 % 1.1 % -19.8 % MIAX Futures Exchange  Trading Days 22 21 19 61 61 MIAX Futures ADV 10,394 14,715 -29.4 % 14,944 -30.4 % 10,816 18,002 -39.9 % 1) Calculated as total volume for the period divided by total trading days for the period.